Norway's Equinor completed the €400 million acquisition of Danske Commodities (DC) announced in July 2018, having received all required regulatory approvals, the company announced on Friday.
According to the Norwegian company, this acquisition supports Equinor’s development as a broad energy company.
DC is active in short-term gas trading, green certificates trading and also provides energy market services.
As a wholly-owned subsidiary of Equinor, Danske Commodities will continue to operate under its own name and brand while increasingly collaborating across relevant commercial and operational activities with Equinor.
"The acquisition of Danske Commodities strengthens our ability to capture value from our production of renewable electricity and supports our aim to grow in profitable new energy solutions.
"DC’s market presence and expertise in energy trading complements Equinor’s position as the second-largest supplier of natural gas to Europe and as one of the world’s largest net-sellers of crude oil," said Irene Rummelhoff, Equinor’s executive vice president for marketing, midstream and processing.
The transaction also includes smaller contingent payments depending on DC’s performance over the next couple of years.
By Murat Temizer